Investors under SABIC’s local initiative, NUSANED, to add $3bn to Saudi GDP

    02 Jan 2022

    Investors under a local initiative to support Saudi businesses led by SABIC are expected to contribute more than SR11.4 billion ($3 billion) to the Kingdom’s economy and create around 10,316 jobs, Arab News reports.

    (Saudi Basic Industries Corporation, known as SABI, is a Saudi Arabian multinational chemical manufacturing company and a subsidiary of the state-owned petroleum and natural gas company Saudi Aramco. It is active in petrochemicals, chemicals, industrial polymers, fertilizers, and metals).

    In a statement, Saudi Basic Industries Corp. said it included a new batch of 33 eligible investors to the initiative known as NUSANED, bringing the total number of candidates qualified to initiate new projects since its launch in 2018 to 139.

    Last year, SABIC’s NUSANED total contribution to the Gross Domestic Product was at SR8.8 billion from 106 investors.

    According to the statement, the 11th Nusaned Council meeting was held in Riyadh on Dec. 28.

    Yousef Al-Benyan, SABIC Vice Chairman and CEO, said: “Under NUSANED, we are constantly exploring new business strategies with Saudi entrepreneurs who have an eye for innovative technologies and are committed to environmental excellence in operations. By enabling local investors and supporting commercially viable sectors, our aim is to strengthen our industries and better people’s lives, as envisioned in the Kingdom’s ambitious Vision 2030 goals.”

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    In December 2021, the Saudi Aramco chief called for a realistic approach to the energy transition. Amin Nassir rejected what he called a “deeply assumption” that the entire world can run on alternatives and the vast global energy system can be totally transformed, virtually overnight. The Aramco chief said several highly unrealistic scenarios about the future of energy are clouding the picture, such as investments worth “roughly $115 trillion will be made in less than 30 years.” Read the full story here.

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